Total consolidated operating expenses (cf. notes to the Group financial statements, no. 37) less reinsurance commissions and profit shares from reinsurance business ceded (cf. notes to the Group financial statements, no. 33) increased in financial year 2010 by 7.4% to € 1,346 million (2009: € 1,252 million ). Acquisition expenses rose by 9.6% to € 936 million (2009: € 854 million). In contrast, other operating expenses less reinsurance commissions received increased only slightly by 2.9% to € 410 million (2009: € 398 million).
The cost ratio of the UNIQA Group after reinsurance, i.e. the relation of total operating expenses to the Group premiums earned, including the savings portion from the unit-linked and index-linked life insurance, was increased by 0.3 percentage points to 22.6% during the past year (2009: 22.9%). The cost ratio before reinsurance was 22.0% (2009: 22.1%).
